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FRB(アメリカ連邦準備制度)の赤字(2025Q2まで)

以前「 FRB(アメリカ連邦準備制度)の赤字 」について 2025Q2 まで更新されたので、グラフを延長する。データ、出所などの説明は以前の記事を参照。 FRBの利息収入( 青い破線 )は2022からほぼ同水準で変動しているが、利息費用( 緑二重線 )が2023Q3から徐々に減少している。それ以外に債権(国債など)と債務(当座預金)の額を考慮する必要があるが、ここでは省略している。財務省への送金前の純所得( 赤い線 )の赤字はかなり縮小してきた。2025Q2も前期比べてわずかだか赤字は縮小し、銀行業資本として正常な状態に戻りつつあるといえる。 なお、用語の対応は、 総利息収入Total interest income、 総利息費用 Total interest expense 財務省への送金前の純所得 Reserve Bank and consolidated variable interest entities net loss before providing remittances to the Treasury 損失の場合は、 Reserve Bank and consolidated variable interest entity net loss before providing remittances to the Treasury   準備預金への利子率 Interest rate on reserve balances (IORB rate)

Turnover of industrial capital, commercial and bank credit: modern Unoist approach 1 Introduction

 

1. Introduction

Much of Marx’s theory of money and credit is based on gold money. It is therefore understandable that endogenous money supply theories (EMSTs), such as the Monetary Circuit Theory (MTC), criticize Marx’s approach as well as the neoclassical view, which they regard as a barter theory. EMSTs argue that money is created "from nothing" (ex nihilo) by bank credit. However, this argument has two problems.

First, EMSTs assume not only that money is created from nothing, but also that banks themselves somehow emerge from nothing.

Second, banks always assess the creditworthiness of borrowers, which is based on the commodity value of the borrowers’ assets. Since borrowers hold assets expected to be sold in the future, credit money is not issued from nothing—it is issued in anticipation of money returning from commodity sales.

Kozo Uno explained the logical emergence of bank credit from idle money capital during the turnover of industrial capital (Uno 1980, 109). Building on that, since the 1980s, Unoist scholars have emphasized the uncertainty of circulation and analyzed commercial and banking capital as delegated functions of circulation originally belonging to industrial capital. This approach is called the “Theory of Differentiation and Emergence.” 

Furthermore, some Unoists propose a new commodity theory of money. According to this view, money based on commodity value takes two forms: material money and claim-type money. The former is typically gold, while the latter is typically inconvertible money, understood as a claim on commodity value.

Monetary Circuit Theory (MCT) also assumes that money creation corresponds to products made by borrowing firms. For clarity—though somewhat simplistically—MCT holds that banks issue money based on added value in production. In contrast, Unoists argue that money is issued based on pre-existing commodity value in circulation. This theoretical difference was clearly shown in Tamotsu Okahashi’s critique of Schumpeter during the Banknote Controversy in Japan from the late 1950s to 1960s (Iwata 2021, 105–107).

This paper focuses on how credit relations emerge from capital turnover and how bank credit logically emerges from commercial credit.


Reference

Iwata, Yoshihisa (2021) Even inconvertible money is credit money: Theories of credit money in Japanese Marxian economics from the banknote controversy to modern Uno theories. Journal of Tokyo Keizai University: Economics 311: 99–120.

Uno, Kozo (1980) Principles of Political Economy: Theory of a Purely Capitalist Society. Brighton, Sussex: Harvester. 

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